Blockchain what is it? And because it can change our lives

Blockchain appeared as far back as 2008, at the same time as the first known digital currency, Bitcoin. In the following year, Blockchain and Bitcoin currency were already available to everyone, and it became an important resource in order to bring greater credibility to a transaction with virtual currencies, more secure.

In this article you will find:

• By the end of 2021, almost everyone has heard about cryptocurrencies and their use, so you’ve probably heard the word Blockchain. If nowadays the use of digital currencies is safe, Blockchain is the reason for it.
• Blockchain what is it?
• Blockchain features
• Blockchain can change our lives

By the end of 2021, almost everyone has heard about cryptocurrencies and their use, so you’ve probably heard the word Blockchain. If nowadays the use of digital currencies is safe, the Blockchain is the reason for this.

Blockchain what is it?

THE Blockchain appeared in the distant year of 2008, at the same time as the first known digital currency, Bitcoin. In the following year the Blockchain and Bitcoin currency were already available to anyone who was interested, and Blockchain became an important resource to bring greater credibility to a transaction with virtual currencies, making it more secure. This opened the door to a new era of Bitcoin.

The word Blockchain translated into Portuguese means “chain of blocks”. This is perhaps the best way to explain how the technology works. Because it records, records and validates information about financial exchanges digitally, in any currency, including cryptocurrencies. This information is stored in blocks, which is why the name of Blockchain.

These blocks are all interconnected and so does the blockchain. This makes the Blockchain ideal for recording information that needs trust and security, as in the case of a transaction involving a Bitcoin or some other cryptocurrency.

This block storage, consists of all these to be connected with each other, and thus constitute such a chain of blocks (Blockchain).

Blockchain features

imagine the Blockchain as if it were an accounting book, where all the transactions carried out are recorded. THE Blockchain uses a mathematical calculation processing and several computers around the world.

decentralization

• With this technology, it is not necessary to resort to intermediaries to approve transactions or other regulations. One of the biggest positives of this type of technology is decentralization, as it allows independence and prevents fraud.

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Automation

• This technology was created so that there is no information altered, or eventually copies. Therefore, these transactions that do not adopt these rules are not recorded within the Blockchain.

Credibility

• To approve a transaction, other computers belonging to other participants are required to comply, in order to enable the transaction to be carried out.

Blockchain can change our lives

THE Blockchain it is a transparent and decentralized way of recording transactions. Its best known use is in virtual currencies, Bitcoin, which revealed the technology Blockchain to the world. With steady growth since 2015 it means that Bitcoins are appreciating more than ever today.

There are many ways to use technology to Blockchain, to create new coins. Many coins were created with different characteristics and goals. The way in which virtual currency transactions based on Blockchaincreate fast, cheap and secure public records, they can also be used for many situations such as elections or proving that a document existed at some specific time.

THE Blockchain may be appropriate for situations where you need to know property histories. This technology can help to better manage suppliers, to ensure that, for example: diamonds are ethically sourced, or that clothes are not made using child labour. One of the situations where this technology could be applied was to solve problems of piracy, music and video, which could allow any digital media to be bought legally, or sold or inherited and offered second-hand, such as books, vinyl and video cassettes.

THE Blockchain offers a way to register copyright and infrastructure for intellectual property. Instead of depending on the laws of the real world, the Blockchain can be used for a fully digital system. There are hundreds of millions of digital documents that need to be copyrighted, including musical works, books and photographs.

THE Blockchain can help doctors with their patients’ health data. Privacy and confidentiality are two fundamental healthcare concepts as they can be used to prevent some of your data from being revealed. THE Blockchain can provide a mechanism to provide security for healthcare professionals and patients.

THE Blockchain offers a way to register copyright and infrastructure for intellectual property. Instead of depending on the laws of the real world, the Blockchain can be used for a fully digital system. There are hundreds of millions of digital documents that need to be copyrighted, including musical works, books and photographs.